Marriage is the intertwining not only of two individual’s emotional lives, but also their physical possessions and financial resources. Of course, when marriage is considered, parties to the union don’t expect to divorce, but the truth of the matter is that many marriages end in divorce. In these situations, the individuals involved have to work to untangle their lives, which can be messy and put their post-divorce financial well-being on the line.
One way to avoid the financial uncertainty of marriage dissolution is to enter into a premarital agreement, also referred to as a prenuptial agreement. These agreements, which become valid upon the signing of both parties and marriage itself, can address a number of divorce legal issues, including property division. The amount of spousal support that will be paid, if any, upon divorce, can also be addressed in these agreements. These documents can be a great tool to alleviate the financial concerns that often accompany marriage since they can be custom-tailored to fit the circumstances at hand. It is worth noting, however, that a child’s support cannot be minimized in any way through these agreements.
Another benefit of these agreements is that they can be modified by the parties should the need arise. To do so, the parties need only discuss the changes they want made to the agreement and then sign a document that incorporates any changes.
Even though a prenuptial agreement can provide numerous benefits, it isn’t necessarily an easy topic to discuss with a loved one. However, by couching the conversation in terms of love and protecting each individual, parties can work through the matter in a comfortable fashion. If you are interested in creating a prenuptial agreement to present to your loved one, or if one of these agreements has been proposed to you, then you should consider discussing the matter with a qualified family law professional.